As an old school fan, I'd prefer to see longer rounds, longer fights and no stand-up for inaction. The experience of watching fights under those rules gives a different perspective about what happens in fights and I think that the current rule set definitely favors certain types of fighters--wrestlers to be sure but also guys who can put out a high-volume of low impact offense, whether it's wrestling or striking. Under older time periods the cardio requirement would be much greater to fight that style and the idea that you could stay active enough on top to avoid a better sub guy on bottom is more plausible if you're trying to do it for two minutes versus twenty.

But...I also remember how unpopular and low paying the sport was then and I think those rules had something to do with it. The presentation that the UFC and other shows give fans now is much better in many ways, including the length of the fights. A dramatic, long fight like Severn-Gracie is great but a boring, long fight like Ruas-Taktarov is an absolute show killer. Plus the idea of rounds or periods is ingrained in sports fans who are used to seeing them in boxing, wrestling, baseball, rugby, basketball, etc. So I wouldn't change the current system because it would turn off too many fans. I would be one of the few who would gladly watch fights with longer rounds, though.